Supermarkets slate minimum alcohol pricing September 16, 2012 SUPERMARKETS have hit out at plans for minimum alcohol pricing, despite being told they could make up to £2.2bn in extra profits under proposals to curb binge drinking. Public responses to David Cameron’s plans to introduce a price floor are set to be invited in the coming weeks, with drinks manufacturers set to campaign against [...]
Supermarkets slate minimum alcohol pricing September 16, 2012 SUPERMARKETS have hit out at plans for minimum alcohol pricing, despite being told they could make up to £2.2bn in extra profits under proposals to curb binge drinking. Public responses to David Cameron’s plans to introduce a price floor are set to be invited in the coming weeks, with drinks manufacturers set to campaign against [...]
Auto-enrolment begins to shake up UK pensions September 30, 2012 BUSINESS lobbies, unions, and pension funds have backed pensions minister Steve Webb’s auto-enrolment scheme, as it is rolled out this morning. From today, firms with more than 120,000 employees must enrol all staff in a pension scheme, and by 2018 all employees earning enough to pay national insurance will have to be put in a [...]
Tesco shuts 12 stores in the States January 10, 2012 Tesco, the world’s third-biggest retailer, is mothballing 12 stores at its loss-making Fresh & Easy business in the United States due to weak local economies, it said yesterday. The British group said it remained committed to the chain, which it is aiming to lift to break even by the end of its 2012-13 financial year. [...]
BT latest to plan legal service as claims business applies for Tesco law licence February 16, 2012 TELECOMS giant BT is muscling in on the legal sector after confirming yesterday that its claims management division has applied to become an alternative business structure under the so-called Tesco law. Wholly-owned subsidiary BT Claims currently just handles claims related to its parent group’s corporate vehicles, but if a licence is granted plans to roll [...]
Tesco shareholders slam executives’ share trades January 16, 2012 SHAREHOLDERS want Tesco to tighten rules on when its executives can trade shares, after a senior manager sold stock eight days before the company issued a profit warning that hammered its share price. Investors said rules need revising to put greater distance between the timing of share deals by executives and significant company announcements. The [...]
Tesco set to unveil bleak Christmas January 8, 2012 TESCO is set to deliver its worst Christmas trading performance for decades this week after the supermarket’s £500m price cutting campaign failed to gather pace in the fierce battle for supermarket sales. Deutsche Bank, a house broker to Tesco, is forecasting a two per cent decline in like-for-like sales from UK stores in the six [...]
TESCO TO BET £500M ON UK FIGHTBACK January 12, 2012 A RATTLED Tesco is set to splash around £500m on revamping its UK store network and recruiting new staff after it stunned the City with its first profit warning in twenty years. Chief executive Philip Clarke is ready to sanction an investment of “hundreds of millions” of pounds in Britain after the supermarket yesterday posted [...]
ANALYST VIEWS: WHAT HAS HAPPENED TO TESCO? January 12, 2012 CLIVE BLACK | SHORE CAPITAL In light of the work that must be undertaken and the need to see its output, we are downgrading our recommendation from Buy to Hold… Whilst today’s update is a major disappointment, the downgrades reflect not just poor recent trading but a build up of matters, particularly in the core [...]
Tesco executive sold shares before profit warning January 13, 2012 Tesco’s UK operations chief sold stock just over a week before a profit warning sent shares in the world’s third-biggest retailer plunging, a regulatory filing shows. Noel “Bob” Robbins, UK chief operating officer, sold 50,000 shares at 404.51 pence apiece on 4 January, netting around £202,000, according to a filing published on January 5. That [...]